| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22941 |
| 来源ID | Working Paper 22941 |
| Business Cycles, Investment Shocks, and the \"Barro-King\" Curse | |
| Guido Ascari; Louis Phaneuf; Eric Sims | |
| 发表日期 | 2016-12-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Recent empirical evidence identifies investment shocks as key driving forces behind business cycle fluctuations. However, existing New Keynesian models emphasizing these shocks counterfactually imply a negative unconditional correlation between consumption growth and investment growth, a weak positive unconditional correlation between consumption growth and output growth and anomalous profiles of cross-correlations involving consumption growth. These anomalies arise because of a short-run contractionary effect a positive investment shock on consumption. Such counterfactual co-movements are typical of the "Barro-King curse" (Barro and King 1984), wherein models with a real business cycle core must rely on technology shocks to account for the observed co-movement among output, consumption, investment, and hours. We show that two realistic additions to an otherwise standard medium scale New Keynesian model – namely, roundabout production and real per capita output growth stemming from trend growth in neutral and investment-specific technologies – can break the Barro-King curse and provide a more accurate account of unconditional business cycle comovements more generally. These two features substantially magnify the effects of neutral technology and investment shocks on aggregate fluctuations and generate a rise of consumption on impact of a positive investment shock. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w22941 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580614 |
| 推荐引用方式 GB/T 7714 | Guido Ascari,Louis Phaneuf,Eric Sims. Business Cycles, Investment Shocks, and the \"Barro-King\" Curse. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22941.pdf（637KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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